HDR hardman resources limited


  1. 1,761 Posts.
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    By the time you read this it could be all over one way or the other but as it stands we are all still waiting.

    Good volume on a rising price may not tell us much but I would certainly worry about good volume on a falling price at this stage of the drill.

    I remain as confident as ever. Transtar, 64dodge and bomber remind us occasionally that it is never over until it's over and knowbody knows what is really down there until the drill gets there. Of course they are right.

    The optimism that I have is not a blind optimism but based on a number of things;

    1. Woodside paid $1.10 to buy an entry into Hardman and stipulated that most of it had to be spent in Mauratania. As the operator Woodside know more than anyone else the value of Mauratania.

    2. The options for Hardman execs do not come into play until $1.10. It is not my experience that the board grants itself options that cannot be achieved.

    3. We all know that Hardman will need to do a capital raising sometime soon whether the drill is successful or not given that most of it's reserves will be spent in Mauratania. To leave the capital raising until after the drill shows supreme confidence and it might be argued puts the whole company at risk if there is only dust.

    4. Lastly, (and Bomber I am only quoting from memory here so don't nail me for over-confidence or mindless ramping) Oil and gas review stated that 'if you are drilling in the same geological structures of the same age and the same area with the same siesmic you will get the same results. If there is oil in one there is oil in them all it just doesn't work any other way' end quote.

    There are cons as well as pros.

    1. I expected the share price to be north of here at this time.

    2. AGIP pulled out of much of there holding. They drill Malta which had a track record of 10 from 10 duds and they pull out of Mauratania.

    3. The usual global factors of war, terrorism, market or oil price meltdown.

    I do not consider Courbine to be a negative factor as it was a different geological structure of a different age.

    In the end the answers a pineapple but we will all be put out of our misery if not tomorrow then in the next few days.

    regards to all

    good punting

    read the red

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